3339.03
Purchase of university-owned land.

The owners of leases of land or town lots from the president
and trustees of the Miami university may pay to the treasurer of the university
such sum of money as, placed at interest at four per cent, would yield the
amount of rent reserved in the original lease, or in the case of a division of
the original tract or parcel leased, would equal the proper aliquot part
thereof, or the part agreed upon by the several owners. But a person so
surrendering and releasing to such university shall pay the necessary expenses
incident to such change of tenure, and procure the services of an agent to
perform the necessary labor thereof. Upon payment of such sum and of all rents
due upon the land, on demand of such owners, the treasurer shall give him a
certificate of such payment. The owner shall be entitled to receive a deed of
conveyance for such land, to be signed by the president of such university,
countersigned by its secretary, and sealed with the corporate seal of the Miami
university, conveying the premises in fee simple to him. The deeds shall vest
in the grantee an absolute estate in fee simple in the premises, subject to all
liens, equities, or rights of third persons in, to, or upon the premises.